Annual report eng.2018

ANNUAL REPORT 2018 03 W ith these words, we are pleased to present to you the annual report of your company – Al Mazaya Holding -- for the financial year that ended on 31st December 2018. We have compiled a detailed breakdown of the financial results and all the achievements made by Al Mazaya during the past fiscal year. Honourable Shareholders Al Mazaya’s brand has become well known and highly touted across the Gulf real estate landscape. The company’s reputation and track record of impressive achievements have made it popular and the most sought-after company in a number of Arab countries and Turkey. The great potential of the company helps it tap any real estate market in the world. The company’s rich portfolio of realestateprojects,whichfollow international criteria and best- in-class standards, along with its core values of transparency, accountability and disclosure, have ensured investor and customer confidence, with the completed projects of the company standing as a key factor behind the impressive successes made so far. Al Mazaya has left impressive footprints across all the markets we are engaged in, thanks to the quality of its projects and community engagement, as well as its continuous marketing and promotional campaigns, all of which have strengthened the Company’s presence, competitiveness and status. Brothers & Sisters Thanks to Allah Almighty, Al Mazaya Holding’s total net profit amounted to KWD5.1 million with earnings per share standing at 8.10 fils. Operating revenues generated by rental and sales returns stood at KWD22.06 million by the end of 2018 compared to KWD68.61 million by the end of 2017. Sales-generated revenues stood at KWD13.58 million against KWD60.83 million in 2017. In the meantime, revenues generated by rental returns jumped 10 per cent to KWD8.38 million from KWD7.60 million during the corresponding period of 2017. Al Mazaya Holding’s total assets stood at KWD225.62 million by the end of 2018, against KWD 234.21 million in 2017, with stockholders’ rights valued at KWD104.12 million by the end of the foregoing year against KWD119.11 million in 2017. In accordance with the Corporate Governance Rules, Al Mazaya Holding Board of Directors acknowledges and guarantees the integrity and authenticity of the company’s financial statements along with all the reports submitted to Shareholders that include the company’s financial profile, data and operating results. Esteemed Shareholders Last year witnessed a series of milestones that we’d like to share with you with regards to our investments and the projects that we have developed and are operational now. Al Mazaya Residence Al Mawaleh’sPhases I&II inOman have been fully completed. Its householders’ association has been established and registered with the competent authorities in the Sultanate. Ownership has been transferred and a number of apartments have been handed over to their new owners. A l M a z a y a h a s m a d e significant progress in signing new investment contracts for managing its third project at the medical sector, “Mazaya Clinic III” in Bneid Al Qar area where 70% occupancy has been achieved. With regards to on-going projects, the construction license for Al Mazaya’s new project in Al Sharq area in Kuwait (Mazaya Downtown) has been obtained and construction work will start. In the same time, up to 200 apartments have been sold by the company in its middle- income residential projects i n Q-Po i n t and Q- L i ne developments in Liwan area in Dubai, with long strides having been taken with regards to the Q-Zone project which consists of 504 apartments. During 2018, the company continued selling and renting of Ritim Istanbul Development, which consists of 6 residential towers and a shopping mall. In addition, new credit facilities have been secured from local and Gulf banks to develop new projects. Dear Shareholders, Another year of challenges and achievements for Al Mazaya Holding has come to an end. Thanks to your support, we have been able to come up with new accomplishments. We hope that this support and confidence will continue to guide the company towards a brighter future. In conclusion, I would like to extend my sincere thanks and gratitude to all of you for your support as well as my appreciation to all those who’ve contributed to the company’s prestigious status and remarkable achievements. Many thanks to all our Board members, and our colleagues in Al Mazaya Holding! May God’s peace, mercy and blessings be upon you all! Message from the Chairman Message from the Group CEO Operations & Services Mazaya Projects Corporate Governance Report Audit Committee´s Report Financial Report 2018 Board of Directors & Executive Management